Many people confuse EFAP with other retirement benefits. Here’s a quick comparison:

| Benefit | Applicable After | Source | Monthly? | |---|---|---|---| | EFAP | Death while in service | LIC welfare fund | Yes (50% of pay) | | Family Pension | Death after retirement | Pension fund | Yes (but lower amount) | | Gratuity | Death (anytime) | Employer | No (lump sum) | | LIC’s Group Insurance | Death while in service | Insurance | No (lump sum) |

EFAP is in addition to:

Yes, after paying premiums for 2 full years. Loan up to 90% of surrender value is available at interest rates declared by LIC from time to time.

LIC EFAP (Table No. 814/914) is a traditional non-linked, participating endowment assurance plan. It is designed for individuals seeking a combination of protection (life cover) and savings (maturity benefit). The "With Profits" feature means policyholders receive annual reversionary bonuses and a final additional bonus (FAB) , declared by LIC based on the corporation's investment performance.

Contact the employee’s reporting branch or the divisional HR office immediately. Provide a copy of the death certificate.

LIC EFAP allows attaching the following riders (additional premium):

Riders are subject to conditions and increase the total premium.